Oil Prices In 2022 To Remain At $70-80 If Worst Omicron Expectations Not Met - Indian Oil

(@FahadShabbir)

Oil Prices in 2022 to Remain at $70-80 If Worst Omicron Expectations Not Met - Indian Oil

Oil prices in 2022 will remain within the range of $70-80 per barrel if the worst expectations regarding the new Omicron coronavirus strain are not met, SSV Ramakumar, the director of the research and development department at Indian Oil, told Sputnik

HOUSTON (UrduPoint News / Sputnik - 08th December, 2021) Oil prices in 2022 will remain within the range of $70-80 per barrel if the worst expectations regarding the new Omicron coronavirus strain are not met, SSV Ramakumar, the director of the research and development department at Indian Oil, told Sputnik.

"I think crude oil prices will hover around $70 to $80 ... per barrel, (if) any unusual and unforeseen things (does not happen)," Ramakumar said on the sidelines of the 23rd World Petroleum Congress in the US city of Houston.

Commenting on these "unforeseen things," the top manager said that Indian oil and gas industry representatives are closely monitoring the spread of the new Omicron coronavirus strain.

"(Specialists) say that though it is highly transmissible, but the severity of this variant is much less compared to the previous variants. If that turns out to be true, probably, the demand will be very good and the prices will also be range bound in $70-80," Ramakumar added.

Brent, the global benchmark for crude oil, hovered at above $75 per barrel on Tuesday. It traded as high as $86.70 in October, then tumbled almost 25% to below $66 on fears related to the Omicron coronavirus strain before rebounding.

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